Time-share interval; offer or sale; restrictions.

A developer shall not offer or dispose of a time-share interval: (1) If the time-share program is not registered with the commission and not otherwise exempted under section 76-1738, except that a developer may accept a reservation together with a deposit if the deposit is placed in an escrow account with an institution having trust powers and is refundable at any time at the purchaser's option. In all cases, a reservation shall require a subsequent affirmative act by the purchaser by a separate instrument to create a binding obligation; (2) While an order revoking or suspending the registration of the time-share program is in effect; or (3) If the developer has not designated a duly licensed Nebraska real estate broker who accepts responsibility for the developer's actions in this state.